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Major News and Events of 06 May 2020

What Happened on 06 May 2020


06 May 2020 Current Events Centre Hikes Excise Duty on Petrol by Rs 10, Diesel by Rs 13

As per the recent government notification, the excise duties have been raised by Rs 10 per litre on petrol and Rs 13 per litre on diesel, which has come into effect from today, May 6. The notification further reads that Rs 10 per litre increase in duty on petrol, includes Rs 8 will be road and infrastructure cess and Rs 2 is the added excise duty. Likewise, for Rs 13 per litre duty increase in diesel, Rs 8 will be road and infrastructure cess and Rs 5 is the special added excise duty. On the matter, a government official said that "the revenue generated from these duties shall be used for infrastructure and other developmental items of expenditure." Further, the increase in duty will not lead to fuel price changes for retail consumers. Hence, it will have "no impact" on the consumer. Centre has hiked excise duty on fuel twice in two months. On March 14, the government increased the excise duty, and road and infrastructure cess by Rs 3 a litre each for both petrol and diesel.



Centre Hikes Excise Duty on Petrol by Rs 10, Diesel by Rs 13

As per the recent government notification, the excise duties have been raised by Rs 10 per litre on petrol and Rs 13 per litre on diesel, which has come into effect from today, May 6. The notification further reads that Rs 10 per litre increase in duty on petrol, includes Rs 8 will be road and infrastructure cess and Rs 2 is the added excise duty. Likewise, for Rs 13 per litre duty increase in diesel, Rs 8 will be road and infrastructure cess and Rs 5 is the special added excise duty. On the matter, a government official said that "the revenue generated from these duties shall be used for infrastructure and other developmental items of expenditure." Further, the increase in duty will not lead to fuel price changes for retail consumers. Hence, it will have "no impact" on the consumer. Centre has hiked excise duty on fuel twice in two months. On March 14, the government increased the excise duty, and road and infrastructure cess by Rs 3 a litre each for both petrol and diesel.




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